Nov 20, 2012 5:30pm PST
biggest insider trading payoff ever. mathew martoma allegedly used confidential information about an alzheimer's drug to make more than a quarter-billion dollars. at the time, in 2006, he managed a hedge fund portfolio. for more, we turn to david voreacos of bloomberg news. >> thank you for having me. sreenivasan: first off how did this alleged scream work. what kind of information was being traded? >> well, the prosecutors today in new york allege that a hedge fund advisor at f.a.c. capital advisors in connecticut which is run by billiaire seve cohe gathered inside information about an alzheimers cli.$kal drug trial that was being conducted. based on that information he built a position of $700 million in the two drug companies that were running the trial. through his connections with a neurologist at the university of michigan, he gathered inside information about the progress of that clinical drug trial first building the position in the stock when he thought the trial was going well and then when he affirmatively learned it was not going so well he had the sell all of its shares
Nov 21, 2012 3:00pm PST
, the engine that connects us. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> woodruff: after another day of violence, a ceasefire deal between israel and hamas was finally announced in cairo today. but further negotiations on key longer-term sticking points between the two sides were put off for now. egypt's foreign minister, mohammed kamel amr, announced the breakthrough with secretary of state hillary clinton at his side. >> egypt has exerted efforts and conducted intensive discussions since the renewed outbreak of hostilities in the gaza strip with all parties: the palestinian leadership, the these efforts and communications managed to reach an agreement to a ceasefire and the return of calm and halt of the violence and the bloodshed that was witnessed recently. >> the united states welcomes the agreement today for a ceasefire in gaza. for it to hold, the rocket attacks must end, a broader calm returned.